May 23, 2013

Nifty decined from above 6200 due to a tell-a-tell bearish engulfing type of pattern.WE EARLY ALSO SAID MKT VERY BULLISH WHEN IT CLOSE ABOVE 5971. After it rallied above 6200. Now watch out for 5971 level again if it breaks below that than market can drift down upto 5770 level support.
It looks like if market is going to give correction then it will be led by international market correction.
But go short only if nifty remains on the given level on weekly basis as market has huge appetite for volatility nowadays.
Don't miss opportunities of short selling in many stocks which can give 5-15% return. At the same time hedge position by remaining long in benchmark indices by trading in call and put options and index futures. IT sector is looking again like it will play its role of defensive. Infy, TCS, and TechM looking strong in the short run.
If market sustains the level, then we may see new high above 6360 in June itself. So, remain in market and remain alert.
Traders must not miss volatility. Yes, they should also beware of high volatility. Don't try to play 'catch up' with market or 'chase' market momentum.
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